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May 2016 Archives

The New Overtime Rule Has Arrived

Earlier today, the President announced the final version of the new overtime rule, which will take effect on December, 1, 2016. Under the "final rule," exempt employees must receive a salary of at least $47,476 - that is a little more than double the current minimum salary of $23,660, but it is slightly less than what we expected based on the proposed rule that was published last year. Another bit of good news for employers is that the minimum salary will not be increased every year. Instead, it will be subjected to possible increases every three years - starting in 2020.